Warrantee receives Nasdaq delisting determination

Warrantee announced that the Company received a staff determination letter, on April 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, due to the Company’s failure to regain compliance with a minimum bid price of $1.00 per share requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2), the Staff has determined that Company’s securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of this determination to a Hearings Panel. On October 13, 2023, the Company received a letter from Nasdaq, notifying the Company that based upon the closing bid price of its securities for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. In accordance with Listing Rule 5810(c)(3)(A), the Notice provided the Company a period of 180 calendar days from the date of the Notice, or until April 10, 2024, to regain compliance with the Minimum Bid Requirement. According to the Letter, the Company had not regained compliance with the Minimum Bid Requirement as of April 10, 2024 and is not eligible for a second 180-day period. Specifically, the Company does not comply with the initial listing requirement of $5,000,000 minimum stockholders’ equity for The Nasdaq Capital Market, as contemplated for a second 180-day period. Further, on April 4, 2024, Nasdaq notified the Company that since the Company failed to file its Form 6-K containing an interim balance sheet and income statement for the six-month period ended September 30, 2023, it no longer complies with our Listing Rule 5250(c)(2). This matter serves as an additional and separate basis for delisting. Unless the Company requests an appeal of the Determination by April 22, 2024, the Company’s securities will be suspended at the opening of business on April 24, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.